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(815 ILCS 605/7) (from Ch. 121 1/2, par. 2107)
Sec. 7.
(a) Each contract between the buyer and a credit services
organization for the purchase of the services of the credit services
organization shall be in writing, dated, signed by the buyer, and shall include:
(1) a conspicuous statement in boldfaced type, in immediate proximity to
the space reserved for the signature of the buyer, as follows:
"You, the buyer, may cancel this contract at any time before midnight of
the third day after the date of the transaction. See the attached notice
of cancellation form for an explanation of this right";
(2) the terms and conditions of payment, including the total of all
payments to be made by the buyer, whether to the credit services
organization or to another person;
(3) a full and detailed description of the services to be performed by
the credit services organization for the buyer, including all guarantees
and all promises of full or partial refunds, and
the estimated date by which the services are to be performed or the
estimated length of time for performing the services; and
(4) the address of the credit services organization's principal place of
business and the name and address of its agent in the State authorized to
receive service of process.
(b) The contract must have two easily detachable copies of a notice of
cancellation. The notice must be in boldfaced type and in the following form:
"Notice of Cancellation"
"You may cancel this contract, without any penalty or obligation, within
three days after the date the contract is signed.
If you cancel, any payment made by you under this contract will be
returned within 10 days after the date of receipt by the seller of your
cancellation notice.
To cancel this contract, mail or deliver a signed, dated copy of this
cancellation notice, or other written notice to:
(name of seller) at (address of seller) (place of business) not later
than midnight (date)
I hereby cancel this transaction."
.............................. ............................. (date) (purchaser's signature)
(c) The credit services organization shall give to the buyer a copy of
the completed contract and all other documents the credit services
organization requires the buyer to sign at the time they are signed.
(Source: P.A. 85-1384.)
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